GST with Tally

JSS & Associates

Chartered Accountants

Thane CPE Study Circle

Thane

16/07/2017 - Sunday

CA Jaideep Sahasrabudhe Bcom / FCA / DISA / FAFD / Con Audit

G - Great

S - Scope For

T - Tally

List of Topic

• Activating Tally In Running Company . • Care to be taken while Activating GST in Running

company • Requirements • Create a company with GST • Account Masters creation / Updating • Stock Master creation / Updating • Creating Ledgers for GST • Where and how to activate rates for GST • How To Pass Entries in tally for GST • Generate of Returns 1 and 2

Pre Requirement

• First Complete your Books of accounts up to 31.03.2017

• Then pass all the entries up to 30.06.2017

• Complete the BRS up to 30.6.2017

• Take Backup of your present company

• Data Back up in folder mode and

• Tally Back up in file mode also

• Need to Allocate all Debtors and Creditors on Bill wise basis , ( Also Non Trading Items ).

• Find out HSN and ASC code applicable to your company good and services

• Obtain all Details like Address , State , Country / GST no of all your Debtors and Creditors and update in Master

• Find out Debtor / Creditor Type Registered / Unregister / Composite / Consumer / Exporter / SEZ or E commerce operator

Activating Tally In Running Company

Activating Tally In Running Company

• If you have multiple locations and different GST No Then Accounts need to be split

• Now you can not maintain books in one tally company ,Two or More companies per GST need to be maintained

• But Your companies multiple location can be maintained with one GSTN no.

• And you can maintain ledger for Debtors and Creditors with multiple locations also.

Existing Company Steps --

• Official License is required if not then renew Tally TSS

• If very old version of tally

• Then upgrade first to any version Tally ERP 9 5.x

• Then Migrate to Ver 6.0.1

• And Open Each Company in the new Version

• Split the company ( Its Optional )

• See Display Menu > List of Accounts > See the Total Ledgers / Group available in Company

• CNTR + I > check the stock Items available in company

• Take the printout of TB as on 30.06.2017 before you split the company

• Delete unnecessary Ledgers and groups

• Delete unwanted stock items

Existing Company Steps --

• Is it necessary to integrate stock with accounts

• Best if you integrate

• ( optional ) if you want.

• Benefits also and problems also

• CA or Client need to take call on this issue

• Entries with all voucher types i.e Sales / Purchase / Debit / Credit Notes , etc

Existing Company Steps --

Whether to activate Stock in Tally

For Following Category Required

• For Traders

• For Manufacturer

• For Exporters

• For Importer

• For Job worker

For Following Not required

• Service Provider

F11 – F1 Accounts Only to set No

VVIP to activate

• Practically deactivate Edit and Delete option in tally for vouchers entered

• Delete will always change the Invoice Number • So necessary to have manual numbering for

invoice • No Back dated entries in tally • Strict security controls need to introduce if want

to submit returns from tally • Exempted and taxable goods cannot be part of

one invoice

• No Auto Pop up of HSN and ASC code so find the same and enter it in creation of stock item for good and at ledger for services

• Each bill necessary for B2B

• For B2C Bill necessary for Rs 200/- and above

• For service need to enter the voucher in account invoice mode

• For exp also as far as possible enter as purchase voucher with creation of creditor.

Requirement

Create a New Company

Same Method to create company

F11 – F3 Statutory and Taxation

Create Debtor – Select State And Country

Drs – Select Registration Type

Tally Takes care of GSTN Format

Wrong Code It Pops Up

Select Party Type

For Creditors – Same as Drs.

Sales Ledger IMP

For Purchase Ledger - IMP

GST Tax Ledger

• No Need to Have Separate tax ledger for Input and Output

• But Suggested to have better control in accounts

• Must have 3 Ledgers

• CGST

• SGST

• IGST

• Under Duties and taxes > GST

• No Need to specify tax amount here also

Where To Activate GST Rates

• There are various method to activate tax rates in tally

• At creation of company

• At Purchase / Sales Ledger ( Suggested For Services )

• At stock group level

• At stock item level ( Suggested For Goods )

Can Set Classification here also

GST Tax - Ledger

Stock Items For Goods

• Create stock items • May have various stock groups • Define unit to stock item • Set gst as applicable to yes • Enter all the details • Give HSN code • Set calculation type on value or on rate • Set taxability as nil / non / taxable • Set whether it is for reverse charge • Set whether it is eligible for the input credit • Set the Rate for GST here

Stock Items - IMP

Details of GST for stock items

Decide about stock item

Voucher Entry

Select Drs and select Sales

Delivery Note / Order Details / Buyers Details

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CNTR + V & Item Invoice mode ALT + I

Select Nature of Transaction

Check tax Liability ALT + A

Details with GST ALT + F1

If Select Wrong Head IGST Then :-

GST Reports

Display > Stat Report >

GST Reports >

GST Rate Setup

Set Rate / Enforce Rate / Clear Rate

Can Set Rate From Stock Group

Multiple Rates for a Group Hint

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On Item based Rates

On Item based Rates

GSTR- 1

Type of Debtors

• MS EXEMPT / NIL / TAXABLE

• CONSUMER EXEMPT / TAXABLE

• EXPORT EXEMPT / LUT & BOND / TAXABLE

• SEZ EXEMPT / LUT & BOND / TAXABLE

• DEEMED EXPORT EXEMPT / TAXABLE

• INTERSTATE EXEMPT / NIL / TAXABLE

Types of Table In GSTR - 1

• Regular ms / oms ( B2B ) Table No 5

• Consumer oms > 250000 ( B 2 C ) Large Invoice Table no 6

• Consumer ms / oms ( B 2 C ) small Table no 7

• Credit / Debit Note Table No 8

• Nil rated sale Table No 9

• Export Invoice Table No 10

• Tax Liability on Advances Table No 11

Report GSTR- 1

With Amendment Table F 12

GSTR-1 ALT- V

GSTR-1 ( ALT + V) (ALT – F1)

GSTR – 2

Types of Creditors In GST

• MS CREDITOR

EXEMPT / COMPOSITION DEALER /SEZ EXEMPT /SEZ TAXABLE /URD EXEMPT /URD TAXABLE /NIL / TAXABLE

• OMS CREDITOR

EXEMPT / URD EXEMPT / URD TAXABLE / NIL/ TAXABLE

• IMPORTER EXEMPT / TAXABLE GOOD

• IMPORTER EXEMPT / TAXABLE SERVICES

• CREDIT / DEBIT NOTES

• TAX LIABILITY UNDER RCM ADVANCES

• TAX PAID UNDER RCM ADVANCES

Types of Table In GSTR - 2

• B 2 B Invoice Table No 4

• Import of Goods Invoice Table No 5

• Import of Services Invoice Table No 6

• Credit / Debit Note Table No 7

• Nil Rated Invoices Table No 8

• Tax Liability On RCM on Advance Table No 12

• Tax Paid on RCM on Advances Table No 13

Update Party GSTIN

F5 SHOW ALL / PENDING

22/07/2017 63 CA Jaideep S. Sahasrabudhe

Ph. No. 98211 41534

CA Jaideep S Sahasrabudhe Contact No. :- 9821141534

Web :- www.cajss.com Email :- jaideep@cajss.com